The development of vacant land may be seen from a real options perspective—owners of vacant land have the incentive to delay developing the land and keep their options open (keep the lands undeveloped) if they believe that future development will yield higher value. We investigate whether there is speculative behavior with regard to vacant land development in Malaysia. Using samples of 254 vacant plots of lands and 3,681 houses in Selangor, Malaysia, we find that the option premium for vacant lands ranges from 8% to 20% across all areas in Selangor. We posit that the higher option premium for vacant lands is the result of a higher level of speculation by landowners. We also find that, while the option value increases, the intrinsic value reduces the market price of the vacant land. Our findings are indicative of speculative behavior by the owners of vacant land in Malaysia.

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空置土地开发中的投机行为：马来西亚实物期权的证据

从真正的期权角度看待空置土地的开发-如果空置土地的所有者相信未来的开发将产生更高的价值，他们就有动力延迟开发土地并保持其选择权开放（保持未开发的土地）。我们调查在马来西亚空置土地开发方面是否存在投机行为。使用马来西亚雪兰莪州的254个空地和3,681栋房屋的样本，我们发现雪兰莪州所有地区的空地的期权费从8％到20％不等。我们假设空地的期权费较高是土地所有者投机水平较高的结果。我们还发现，当期权价值增加时，内在价值降低了闲置土地的市场价格。